External sector: every series
What comes in from the world, and what goes out?
Every dollar a tourist spends comes in; every shipment of food or fuel sends dollars out. The keeps that account. Here too: debts owed abroad and the rufiyaa’s .
Foreign-currency reserves
The central bank’s stock of dollars and other reserve assets.
The foreign currency and other reserve assets held by the central bank, in US dollars. Reserves pay for imports and foreign debt in a crisis. Short-term net drains are payments already committed within a year, so headline reserves overstate what is freely usable.
MMA calls this: Official reserves
| Series | Latest | Period | vs a year ago |
|---|---|---|---|
| Official reserve assets | US$547.8mSep 2026 | Sep 2026 | Down 36.3% |
| Foreign currency reserves | US$532.6mSep 2026 | Sep 2026 | Down 37.5% |
| IMF reserve position | US$6.5mSep 2026 | Sep 2026 | Down 0.8% |
| SDRs | US$308,886Sep 2026 | Sep 2026 | Down 24.8% |
| Gold | US$8.4mSep 2026 | Sep 2026 | — |
| Other reserve assets | US$0Sep 2026 | Sep 2026 | — |
| Other foreign currency assets | US$149mSep 2026 | Sep 2026 | Up 27.7% |
| Predetermined short-term net drains | −US$527mSep 2026 | Sep 2026 | Up US$254.8 million |
Goods bought and sold abroad
Goods imported and exported each month. Tourism is a service, so it is not here.
Goods exported and imported each month, in US dollars, with imports broken down by type. The country imports far more goods than it exports; the gap is paid for mainly by tourism, which is a service and is not counted here.
MMA calls this: Merchandise trade
| Series | Latest | Period | vs a year ago |
|---|---|---|---|
| Export of goods | US$41.3mAug 2026 | Aug 2026 | Up 42.1% |
| Domestic exports | US$8.8mAug 2026 | Aug 2026 | Down 8.8% |
| Re-exports | US$32.5mAug 2026 | Aug 2026 | Up 67.5% |
| Import of goods | US$419.3mAug 2026 | Aug 2026 | Up 32.5% |
| Import of food items | US$73.6mAug 2026 | Aug 2026 | Up 7.7% |
| Import of furniture, fixtures and fittings | US$15.2mAug 2026 | Aug 2026 | Up 23.5% |
| Import of electronic and electrical appliances | US$4.8mAug 2026 | Aug 2026 | Up 19.1% |
| Import of petroleum products | US$125.4mAug 2026 | Aug 2026 | Up 108.8% |
| Import of transport equipments and parts | US$19.7mAug 2026 | Aug 2026 | Down 40.8% |
| Import of wood, metal, cement and aggregates | US$45.5mAug 2026 | Aug 2026 | Up 29.8% |
| Import of machinery, mechanical appliances and parts | US$33.1mAug 2026 | Aug 2026 | Up 60.3% |
| Import of electrical, electronic machinery, equipments and parts | US$29.4mAug 2026 | Aug 2026 | Up 99.8% |
| Import of other items | US$72.6mAug 2026 | Aug 2026 | Up 6.6% |
The country’s account with the world
All money in and out each year: trade, tourism, income, transfers, loans.
The full annual account of transactions with the rest of the world. The current account adds trade in goods and services to income and transfers; a deficit has to be financed by investment, borrowing or drawing on reserves, which the financial account records.
MMA calls this: Balance of payments
| Series | Latest | Period | vs a year ago |
|---|---|---|---|
| Current account balance | −US$476.2m2025 | 2025 | Up US$777.4 million |
| Balance on goods and services | US$949.7m2025 | 2025 | Up US$877.4 million |
| Balance on primary income | −US$772.7m2025 | 2025 | Down US$21.6 million |
| Balance on secondary income | −US$653.3m2025 | 2025 | Down US$78.3 million |
| Balance on goods | −US$2.96bn2025 | 2025 | Up US$121.2 million |
| Balance on services | US$3.91bn2025 | 2025 | Up 24% |
| Export of goods | US$443.7m2025 | 2025 | Up 15.9% |
| Import of goods | US$3.4bn2025 | 2025 | Down 1.7% |
| Export of services | US$5.8bn2025 | 2025 | Up 15.2% |
| Import of services | US$1.89bn2025 | 2025 | Up 0.6% |
| Capital account balance | US$02025 | 2025 | — |
| Financial account (excluding reserve and related items) | −US$954.4m2025 | 2025 | Up US$255.2 million |
| Direct investment | −US$857.1m2025 | 2025 | Down US$50.9 million |
| Portfolio investment | US$24.1m2025 | 2025 | Up US$20.2 million |
| Other investment | −US$121.4m2025 | 2025 | Up US$285.9 million |
| Net errors and omissions | −US$167.9m2025 | 2025 | Down US$296.3 million |
| Overall balance | US$310.2m2025 | 2025 | Up US$225.9 million |
| Reserve and related items | US$310.2m2025 | 2025 | Up US$225.9 million |
| Export of goods and service | US$6.24bn2025 | 2025 | Up 15.3% |
| Current account balance in percent of GDP | −6.15%2025 | 2025 | Up 11.69 percentage points |
Debt owed abroad
What the government and banks owe foreign lenders, and the repayments due.
What the government, the borrowers it guarantees and the banks owe to foreign creditors, and what the government pays each period in principal and interest. Debt service is the call on foreign currency that reserves and export earnings have to meet.
MMA calls this: External debt
| Series | Latest | Period | vs a year ago |
|---|---|---|---|
| Total external debt outstanding | US$3.96bnQ2 2026 | Q2 2026 | Down 9.8% |
| Central government and publicly guaranteed external debt | US$3.59bnQ2 2026 | Q2 2026 | Down 11.2% |
| Other depository corporations | US$365mQ2 2026 | Q2 2026 | Up 6.7% |
| Total external debt outstanding in percent of GDP | 49.05%Q2 2026 | Q2 2026 | Down 7.67 percentage points |
| Disbursements of central government external debt | US$92mQ2 2026 | Q2 2026 | Up 205.2% |
| Debt service of central government external debt | US$542.7mQ2 2026 | Q2 2026 | Up 1,187.1% |
| Principal repayments of central government external debt | US$509.2mQ2 2026 | Q2 2026 | Up 5,096.8% |
| Interest payments on central government external debt | US$33.5mQ2 2026 | Q2 2026 | Up 3.5% |
| Debt service ratio of central government | 5.51%2025 | 2025 | Up 1.34 percentage points |
Exchange rates
How many rufiyaa buy a dollar, euro, pound, rupee or yuan.
Rufiyaa per unit of each foreign currency. The US dollar rate is held almost fixed, so movements against other currencies mostly reflect how those currencies move against the dollar.
| Series | Latest | Period | vs a year ago |
|---|---|---|---|
| United States dollar | — | — | — |
| MVR per USD (average) | MVR 15.42Sep 2026 | Sep 2026 | Unchanged |
| Euro | MVR 18.07Sep 2026 | Sep 2026 | Down 3.3% |
| Great Britain pound | MVR 21.66Sep 2026 | Sep 2026 | Down 1.5% |
| Indian rupee | MVR 0.17Sep 2026 | Sep 2026 | Down 9.8% |
| Chinese yuan | MVR 2.28Sep 2026 | Sep 2026 | Up 6.3% |
| Singapore dollar | MVR 12.83Sep 2026 | Sep 2026 | Up 1% |
| Japanese yen | MVR 0.1Sep 2026 | Sep 2026 | Down 5.1% |
| MVR per SDR | MVR 20.97Sep 2026 | Sep 2026 | Down 0.8% |
The rufiyaa–dollar peg
The central bank keeps the rufiyaa’s value against the US dollar almost fixed. To do that it needs enough dollars in reserve to meet demand at that rate.
All the words used on this pageBalance of payments
The record of every payment between the Maldives and the rest of the world in a year: what tourists spend here, what we pay for imports, profits and wages sent abroad, and loans coming in and being repaid.
All the words used on this page